What are the finance jobs in government

Pay for finance jobs

Compare for representative jobs and industries

Pay for finance jobs: Here are the average annual wages of all selected employers as of May 2009 for selected financial jobs. The data comes from the Federal Bureau of Labor Statistics and is categorized using Standard Occupational Classification (SOC) codes. Jobs in italics are further analyzed in the next section:

  • Finance Manager (11-3031) $ 113,730
  • All Business & Financial Operations occupations (13,000,000) $ 65,900
  • Claims Adjusters, Auditors, Investigators (13-1031) $ 58,780
  • Insurance Appraiser (13-1032) $ 56,180
  • Estimator (13-1051) $ 61,190
  • Accountant and Auditor (13-2011) $ 67,430
  • Real estate appraisers and assessors (13-2021) $ 53,520
  • Budget Analysts (13-2031) $ 69,240
  • Credit Analysts (13-2032) $ 67,230
  • Financial Analysts (13-2051) $ 85,240
  • Personal Financial Advisor (13-2052) $ 94,180
  • Insurance Underwriters (13-2053) $ 63,330
  • Financial Auditor (13-2061) $ 79,070
  • Loan Advisor (13-2071) $ 49,930
  • Loan Officer (13-2072) $ 63,210
  • Tax Auditors, Collectors, and Revenue Agents (13-2081) $ 53,800
  • Accountant (13-2082) $ 36,060
  • Finance Specialists, All Others (13-2099) $ 64,810

Paying Financial Jobs by Industry: Get Here made some comparisons of salaries by industry (including government) for representative job categories in finance (shown in italics in the previous list) from the same BLS database.

The main intention is to give an idea of ​​how compensation for representative financial jobs can change depending on the employer.

Finance manager
Standard Classification of Occupations (SOC) 11-3031
Average annual wages as of May 2009:

  • $ 113,730 All Industries
  • $ 116,800 finance and insurance
  • $ 158,900 securities, commodities and investments
  • $ 122,390 insurance
  • $ 92,100 banking
  • $ 119,050 federal government
  • $ 85,680 State Government

Financial analyst
Standard Classification for Employment (SOC) 13-2051
Average annual wages as of May 2009:

  • $ 85,240 All Industries
  • $ 92,400 finance and insurance industry
  • $ 106,240 stocks, commodities and investments
  • $ 74,970 insurance
  • $ 76,120 banking
  • $ 86,500 federal government
  • $ 66,780 State Government

All business & financial operations professions
Standard classification 13-0000
Average annual wages as of May 2009:

  • $ 65,900 All industries
  • $ 69,330 Financial & Insurance Industry
  • $ 97,240 stocks, commodities and investments
  • $ 62,130 insurance
  • $ 62,550 banking
  • $ 72,080 federal government
  • $ 54,010 State Government

Remarks: NAICS (North American Industrial Classification System) codes that define the above industrial groups:

  • Finance and Insurance Industry = NAICS Sector 52 (52XXXX)
  • Securities, Commodities & Investment Firms & Exchanges = NAICS 523000
  • Insurance Underwriting & Related = NAICS 524000
  • Depository Credit Intermediation (banking) = NAICS 522100
  • Federal Government = NAICS 999100
  • State Government = NAICS 999200


Employee benefits: This subset of employee benefits is granted in addition to the average wage income summarized above.

(Also note that government agencies tend to have more generous vacation and leisure time arrangements than employers provide.) Employer contributions to employee pensions and insurance to wages for the full year 2008 were:

  • 10.0% for all private sector employees
  • 12.1% for the finance, insurance and real estate industries
  • 22.6% for all government employees (federal, state and local governments)

Source for the above analysis: U.S. Department of Commerce, Bureau of Economic Analysis, National Income and Product Accounts. Divide the figures from Table 6.11D (Employer Contribution for Employee Pensions and Insurance) into the corresponding figures from Table 6.2D (Employee Compensation by Industry).

A study by the Cato Institute based on BLS data (see "The Government Pay Boom," an editorial in the Wall Street Journal dated 03/26/2010) shows that the average state and local government employee has a package of benefits (paid vacation, health insurance, pensions, etc.) that is worth 70% more per hour worked than the average private sector employee.

The same study finds that the hourly wages and salaries of the average state or local government employee are 34% higher than the average private sector employee. Average wages, salaries and benefits are even higher in the federal government.

Notes on wages for financial jobs: The above selected numbers illustrate these key points:

  • For a certain occupational group, the financial services industry tends to pay slightly above the average for all other industries.
  • The brokerage, investment banking, and investment management companies (NAICS 523000) typically pay well above the financial services industry average.
  • The remuneration of the federal government is very competitive compared to the average in the financial services industry, although not quite as high as in securities brokerage, investment banking and investment management (NAICS 523000).

For those expecting a career in the lower to mid-range payroll, federal employment is very attractive on the basis of wages alone, even before planning in more generous benefits and job security, which contrast sharply with the highly cyclical, layoff-prone financial services industry.